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Stellantis CEO asks EU to support the car sector
In order to protect the automotive industry, the new CEO of Stellantis, a carmaker in Greece, has called on the European Union (EU) to be flexible when it comes to the transition to electric cars. "A strategic dialog is important, but it's now vital to act urgently." Antonio Filosa became CEO of Stellantis in June. On September 12, European Commission President Ursula von der Leyen will host executives from the automotive industry to discuss the future. The sector is under threat due to the Chinese competition with electric vehicles, and U.S. Tariffs. Filosa is the head of Fiat, Alfa Romeo and Peugeot brands. Chrysler, Jeep and Opel are also part of the group. Filosa has called on the European Commission (EC) to encourage the sale of hybrid cars to reduce the average age of the vehicles on the roads. In a joint interview, he told Italy's Il Sole 24 Ore as well as France's Les Echos that a European policy encouraging the replacement of older vehicles with new ones and a wider range of powertrains could have a greater effect on global CO2 emission than an annual new car market. Filosa stated that the Light Commercial Vehicles sector is facing an urgent situation and suggested that the CO2 emission period for this category should be increased to five years, from three. As he reviewed the brand portfolio, he also tried to dispel speculation that Stellantis might seek a buyer of Maserati. He said: "I would like to be clear that Maserati was not for sale. We need to know which products we should develop and what long-term strategies to adopt for our iconic brand."
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Daniel Craig reprises his role as Benoit Blanc, the detective in "Wake Up Dead Man: a Knives Out Mystery"
In "Wake Up Dead Man, A Knives Out Mystery", the third installment of the franchise, Daniel Craig's charismatic and sharply dressed Benoit Blanc is back to solve yet another murder case. It's dark, big and fun. The latest installment of the Whodunit genre from writer-director Rian Johnston takes place in a small town church in Upstate New York, with a more grounded tone. Johnson said on the red carpet before the Toronto International Film Festival premiere that they were trying to "do something different every time". "The first was a cozy mystery. The second was a broad, kind of vacation comedy mystery. "This one has a darker tone and is more gothic, but it's still fun," said he. Craig couldn't be more in agreement. "It is a departure. It's an entirely different movie. "But it's still Benoit blanc mystery", the former James Bond actor said. The ensemble cast includes Josh O'Connor (left), Glenn Close (right), Josh Brolin (center), Mila Kunis (right), Jeremy Renner and Kerry Washington. Also included are Andrew Scott, Cailee Spaeny, Daryl McCormack, Thomas Haden Church, and Andrew Scott. O'Connor was awash with praise for Johnson who he called his "idol". He said that Johnson was a "genius writer and director". The young British actor who played Prince Charles on the TV show "The Crown" received the most applause for his performance of a young priest following the premiere. Spaeny said that she was grateful to have the chance to play a cellist and enjoyed every moment on the set. The American actress, who learned the cello in preparation for her part, stars in her first comedy. She said, "It felt like we weren't being paid for this work." Craig also praised the cast for their "bubbly" nature. He said, "We have been extremely lucky in the entire series. We nailed it once again." The film will be released in limited theaters on November 26, before being streamed on Netflix starting December 12. (Reporting from Bhargav Asharya in Toronto, Editing by Caroline Stauffer & William Mallard
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China's central banks buys gold for the 10th consecutive month in August
China's central banks added gold to their reserves in August, continuing purchases for a 10th consecutive month, according to official data released on Sunday. Gold, traditionally viewed as a safe asset in times of uncertainty, is up 35% on the year. It reached a record-high last week amid strong demand for investments and purchases from central banks, including those in China. China's gold reserves increased to 74.02 millions fine troy-ounces by the end August from 73.96 at the end July. According to the data released by the Central Bank, they were valued at 253.84 billion dollars, an increase from $243.99 at the end the previous month. The People's Bank of China, which is the head of research for online marketplace BullionVault, said that while China's gold purchasing has slowed down in 2025, it has increased its bullion reserve at prices ever higher. Beijing's continued accumulation of gold is a signal that it has faith in the metal as a reserve for long-term. This also boosts the confidence of China's investors and private households in gold. The demand for gold was low in the world's biggest producer and consumer this week due to the high price. Dealers offered discounts above the global benchmark, to lure buyers. (Reporting from Amy Lv and Polina Devitt in London for the Beijing Newsroom. Editing by Clarence Fernandez.)
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After a four-day search, a Canadian soldier is found dead in Latvia
The Canadian military announced on Saturday that a member of the Canadian Armed Forces who was reported missing earlier this week in Latvia has been found deceased. The body of Warrant Officer George Hohl was discovered on Friday, after he disappeared on Tuesday, in the Baltic country where Canada has troops stationed as part a multinational brigade. Hohl worked as a Vehicle Technologist for the 408 Tactical Helicopter Squadron, based in Edmonton (Alberta). He was serving with the Aviation Battalion of NATO's Multinational Brigade - Latvia when he disappeared near the Adazi base. The Canadian Forces Military Police is assisting Latvian authorities to investigate the circumstances surrounding Hohl’s death. Officials have stated that "there are no indications this incident poses a greater threat to the safety and security of our deployed members." Jennie Carignan, Chief of Defence Staff and General Jennie Carignan, said that the loss was devastating to the entire Canadian Armed Forces. She added that Hohl will be remembered for his dedication. The warrant officer has served in multiple deployments, including disaster relief operations at home and tours with Operation REASSURANCE (Canada's contribution to NATO’s enhanced forward presence established after Russia's 2014 annexation Crimea). Operation REASSURANCE is a rotation of approximately 2,200 Canadians in the Baltic State. According to a statement from the Canadian military, an investigation is underway into Hohl’s death. (Reporting and editing by Nick Zieminski in Washington)
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Ukraine drones hit training centre at Zaporizhzhia nuclear plant, Russian management says
The Russian-installed management of the Russia-held nuclear plant in Ukraine announced on Saturday that Ukrainian drones had hit the roof at the Zaporizhzhia training centre. There was no damage to the building and there was no radiation increase. In a Telegram message, the administration stated that the strike took place about 300 meters (984 feet) away from a nuclear reactor. The statement stated that "This centre is unique - it houses the only full scale simulator of a nuclear reactor hall in the world, which is crucial for staff training." Although the station is Europe's largest nuclear power plant, with six reactors and no power, it still needs power to keep nuclear fuel cool. Administration officials said that the attack did not disrupt the operation of the plant. The administration stated that "operational safety limits have not been violated, and radiation levels are normal." Ukraine has not yet responded. We could not independently confirm the Russian report. In the early weeks of Russia’s invasion of Ukraine in February 2022, Russian forces captured the Zaporizhzhia nuclear plant. Both sides accuse the other of triggering a nuclear disaster by firing weapons or other actions. Reporting by Lidia Kelley in Melbourne
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Sources say that OPEC+ is likely to agree on a further increase in oil production on Sunday.
OPEC+ sources stated on Saturday that eight OPEC+ nations will likely increase oil production on Sunday, but they may add less oil in October than recent months due to the slowdown of global demand with the end driving season. OPEC+ reversed its April strategy of production cuts and has already increased quotas to about 2,4 million barrels a day (about 2.4% of the world's demand) to increase market share. This is in response to pressure from U.S. president Donald Trump, who wants to lower oil prices. These increases, however, have not had a significant impact on oil prices. They are currently trading at $66 per barrel, supported by Western sanctions against Russia and Iran. This encourages rivals like the United States to increase production. OPEC+ would start to unravel a second layer, averaging about 1.65 millions bpd. This would be more than a full year ahead of schedule. Two sources told me on Saturday that the focus of talks is to gradually unwind this entire cut, in monthly increments. On Sunday, 1230 GMT eight OPEC+ member countries will hold a virtual meeting. The focus of the discussion is likely to be October's output. An OPEC+ official said that the countries could increase their output by 135,000 bpd in October. Another said it might be closer to 200,000-350,000 bpd. The eight members increased production for September by 547,000 bpd at their last August meeting, giving a total of 2.5 million bpd increase for the entire year. This included an additional 300,000 bpd production allocation for the UAE. OPEC's headquarters and Saudi Arabian authorities did not respond to Wednesday's requests for comments. OPEC+ is the Organization of Petroleum Exporting Countries plus Russia, and other allies. Brent crude futures closed at $65.50 a bar on Friday, down by 2.2%. This was due to a disappointing U.S. employment report and the expectation of a production increase from OPEC+. It is still up since a low in 2025 of around $58 per barrel in April. Analysts have stated that sanctions and the fact that OPEC+ has not met its pledged amount have supported prices. OPEC+ has been reducing production to support the oil price for several years. The group has committed to a further 2 million bpd in cuts until 2026. (Reporting and editing by Alexandra Hudson, Olesya Almakhova, Alex Lawler Ahmad Ghaddar, Dmitry Zhdannikov)
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Gunmen kill Chinese security officials and Chinese workers in Nigeria
A spokesperson for the Nigerian security agency confirmed that gunmen kidnapped Chinese exatriate workers and killed eight officials in the southern state of Edo. The Chinese workers were rescued later, the spokesperson added. On Friday, a group suspected of being armed kidnappers attacked a convoy consisting of paramilitary Nigeria Security and Civil Defence Corps members and Chinese nationals who worked for BUA Cement. Afolabi Babawale, spokesperson for the NSCDC, said that four Chinese workers kidnapped by terrorists were rescued. However, one is still missing. He added that eight operatives of the agency had been killed and four others were injured seriously. Nigeria has seen a rise in gunman attacks, mainly in the north, but kidnapping groups are known to target civilians in the south.
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Edison CEO: Italy's Edison is ready to list in the event EDF goes ahead with its plan
Edison is willing to return to the Milan Stock Exchange if its parent company EDF in France decides so, said the CEO of the Italian Energy Group on Saturday. State-owned EDF, under the leadership of its new CEO Bernard Fontana has begun reviewing its assets in order to raise money to meet government requirements to stimulate investments in new reactors. Edison CEO Nicola Monti said to reporters at the annual TEHA forum: "At EDF they have a brand new management, and are reviewing their options... if that review also includes Italy, then we are prepared." Monti stated that the group already has the corporate structure in place to allow its shares to be traded publicly. EDF, for example, kept Edison's savings share listed on the Milan Stock Exchange when it took full control in 2012. The CEO confirmed that any listing of ordinary shares will also be held in Milan. He added that he was certain EDF would consider such a move, even though no advisors have yet been hired. Monti stated that Edison would need to hire its advisor if EDF decided to move forward with the project. Edison reported revenues last year of 15,4 billion euros ($18.3 billion) and core profits of 1.7 billion euro. ($1 = 0.8542 euro) (Reporting and editing by Francesca Landini)
Green hydrogen retreat threatens emissions targets
Around the globe, green hydrogen developers are cancelling their projects and reducing investments. This could lead to a longer-than-targeted reliance on fossil energy.
The sector's initial goals have been exposed as being unrealistic due to the challenges it faces.
Green hydrogen is prohibitively expensive for industries that are hard to electrify, like steelmaking and long distance transportation.
Jun Sasamura is the hydrogen manager for Westwood Global Energy. He said that the gap between European ambitions and actuality shows the magnitude of the industry's reset.
He said that only a fifth (or less) of all planned hydrogen projects in the European Union will be operational by the end decade. Westwood Global Energy data show that this translates to approximately 12 GW in production capacity compared to an EU target for 40 GW.
He added, "I don't think the EU 2030 target (hydrogen production), will be met in the current state."
Expectations Inflation
Many companies claim that the high costs of green hydrogen and the lack of demand have made many plans unprofitable.
Miguel Stilwell d'Andrade is the chief executive officer of Portuguese energy company EDP. He said: "Green hydrogen had been an inflated expectation which has now turned into a valley or disillusionment."
The demand is missing. In Spain and Portugal there are 400 million Euros ($464.2 Million) in subsidies for hydrogen, but we still need someone to purchase the hydrogen.
Ana Quelhas is the chief of EDP's Hydrogen and Co-Chair of the European Renewable Hydrogen Coalition. She said that although several projects are in advanced stages, they cannot be moved forward due to a lack buyers.
Iban Molina, a company executive from Spain, said that Iberdrola had put on hold plans to expand the capacity of a green hydrogen plant with an electrolyser capability of 20 MW, until it found buyers for more output.
In recent years, they are one of more than a dozen major companies who have cut back on spending or shelved certain projects in Europe, Asia and Australia.
Westwood Global Energy reports that companies had cancelled or delayed over a fifth (or more) of all European projects at the end of 2017.
Emma Woodward, at Aurora Energy Research said: "In the years 2020-2021, we had this vision of hydrogen being used in nearly every sector which hadn't yet been electrified.
"I believe we have realised that there are probably other, more commercially viable alternatives in many sectors." We may not need as much hydrogen initially thought.
Too Expensive
Many governments have supported the development of green hydrogen for many years. This is produced by electrolysis, which splits water using renewable electricity into hydrogen and oxygen.
Australia, Britain and Germany, as well as Japan, announced ambitious investment plans that they hoped would lower costs and create a green hydrogen industry that was profitable and would not need any support.
Minh Khoi Le is Rystad's director of hydrogen research.
Grey hydrogen is twice as costly as natural gas, as an example. This latter product is made from coal and natural gas, and is used in many industries including oil refining, ammonia production and methanol.
He added that costs could drop by 30-40% if the equipment prices fall and the supply chain is scaled up. Meanwhile, Woodward of Aurora and Sasamura of Westwood Global Energy said green hydrogen would not be competitive until then.
Wood Mackenzie, a consultancy, says that only 6 million metric tonnes per annum of low-carbon hydrogen is operational or being built in the world, including green and blue hydrogen, which are made from gas.
The consultancy estimates that 450 mtpa is required to achieve net zero emissions of greenhouse gases by 2050. The EU has pledged to reduce emissions by 55% by 2030 compared to 1990 levels, on the way to its 2050 goal.
The market is priced out of reach for buyers
The industry expected sectors like steel, oil refinement, cement, and transportation to be the first buyers. However, the demand that was expected has not materialised.
Dirostahl is a German die-forging company that makes parts for wind turbines and ships, as well as oil and gas drilling pipes. It is dependent on natural gas fired furnaces and is searching for an alternative.
Green hydrogen is too expensive. The fuel is not available for less than 150 euros per megawatt-hour (MWh), while natural gas costs between 30-35 euros/MWh.
"It just doesn't work." In practice, it's economic suicide. "We'd be totally uncompetitive", he said.
The high price of electrolysers for large-scale production is due to infrastructure bottlenecks, and the increased cost of energy resulting from new rules defining what constitutes "green hydrogen".
Some European countries have reduced their ambitions. Italy recently switched 600 million euros of post-pandemic funding from hydrogen to biomethane. In April, France reduced its 2030 target for hydrogen electrolysis by over 30% and Portugal cut its electrolysis ambitions by 45%.
Last year, the Dutch government made drastic cuts in the funds allocated for the development of green hydrogen and batteries. Instead, the climate fund was redirected to the construction of two nuclear power plants.
In Australia, several players have scaled back their projects or pulled out despite the government's support of more than A$8 Billion ($5.2 Billion).
Even projects that are moving forward face delays. Rystad analysts estimate that 99 percent of the A$100 billion projects announced in the next five-year period have not progressed beyond the concept stage or approval.
DIFFICULTIES IN INFRASTRUCTURE
Hydrogen is also difficult to store, as it requires tanks with high pressure and extremely low temperatures. It can also leak. This makes transporting hydrogen through the old gas pipelines, while waiting for new infrastructure, a risky proposition.
Spain hopes to build 2,600 km (1.615 miles) of hydrogen network, and connect it with another project. The trans-European link H2Med - from Iberian to Northwest Europe.
Arturo Gonzalo is the CEO of Spanish gas grid operator Enagas. He said that while the Spanish network will be operational by 2030, delays of up to two years may occur for other European infrastructure.
He said: "Infrastructure does not happen when the market is already booming; it's something that must be done for the market to burgeon." ($1 = 0.8617 euros) ($1 = 1.5340 Australian dollars)
(source: Reuters)